FMCG major Emami Ltd. is deepening its play in India's fast-growing beauty and personal care market with the acquisition of a majority stake in IncNut Digital, the parent company of direct-to-consumer brands Vedix and SkinKraft. The Kolkata-headquartered company said it will acquire a 60% stake in IncNut for Rs 321 crore in cash, with the transaction expected to close within the next 30 days. The deal also includes performance-linked adjustments over the next two years.
Emami plans to acquire the remaining stake in phases over the next four-and-a-half years, signalling a long-term commitment to the personalised beauty category.
The acquisition gives Emami access to two digital-first brands that operate in the personalised skincare and haircare space — an area witnessing rising consumer interest as buyers increasingly seek customised, efficacy-driven products.
Vedix combines Ayurvedic formulations with data-led profiling to tailor products according to an individual's prakriti and lifestyle traits. SkinKraft, meanwhile, focuses on dermatologist-backed skincare solutions designed around specific skin and hair concerns.
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Emami Vice Chairman and Managing Director Harsha Vardhan Agarwal said the investment aligns with the company's strategy of building a future-ready beauty and personal care portfolio. He noted that while India's broader beauty market continues to grow rapidly, genuinely differentiated offerings remain limited, particularly in the personalised segment where consumers are increasingly prioritising outcomes and customisation.
Vedix and SkinKraft will now join Emami's growing beauty portfolio alongside brands such as The Man Company and Brillare, strengthening its presence across emerging personal care segments.
The deal values IncNut at roughly three times sales, based on its latest revenue figures. The company reported consolidated turnover of Rs 175.1 crore in FY25, compared with Rs 196.5 crore in FY24 and Rs 231.9 crore in FY23.
Emami's cash position stood at around Rs 225 crore as of September, suggesting the acquisition may involve a mix of internal accruals and additional financing arrangements.
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